As you are aware, the recent decrease in the value of scrypt based altcoins has made mining currently unprofitable. Due to the difficulties being faced by cloud mining providers around the globe, many of our competitors are ceasing their mining operations causing losses to their customers.

The contract with Genesis Mining clearly states that after 20 consecutive days of negative returns, the contract will terminate automatically. This clause is important because it is impossible for any company to continue mining operations while facing losses for an unforeseeable period of time.

Though we have not yet reached a point of negative mining operations, we wanted to connect with our customers and notify them of the potential issues being faced.

We, at Genesis Mining believe that for ensuring the stability of any company, it is important to listen to its customers and cater to their needs. Thus for us, keeping our customers happy and content is more important than the contracts.

Bitcoins and cryptocurrencies are one of the most exciting innovations we�ve seen in decades and we are on the front lines of the industry together. With any emerging market, the industry is subject to rapid change and uncertainty which leads to volatility. Though the current volatility in altcoins could not be predicted, it has surely created a stir in the industry.

Instead of simply turning away off miners and causing losses to our valuable customers, we have come up with a solution. In the recent weeks, we received several requests from our customers regarding the transfer from scrypt mining to SHA mining. Initially, we did had to say no as it seemed impossible considering the expenses involved in completing this transfer. After lot of consideration and research, we are happy to announce that Genesis Mining will bear the transfer cost and we are happy to announce that all our current customers who had purchased scrypt mining contracts will now have an option to transfer their current power to SHA mining contracts.
This means the customers will be able to convert 1 MH/s of scrypt to 1 GH/s of SHA mining power.

This is the solution that we are providing to you but the decision is entirely yours. We simply wanted to develop a program that will solve the problem being faced by our customers. This is a reaction to the current market and should not be considered as a reflection of our views on the potential market for altcoins.

As mentioned earlier, at Genesis Mining, our customers come first and we intend to do everything possible to ensure that they are happy and satisfied with our services. These are truly exciting times and we are honored to have you as our customer. You supported us in the past times and you can be sure that we will never forget this. We are committed to you and I look forward to a long- term relationship with all of you.

If this solution driven program interests you and you want to be a part of it then kindly click on the �Transfer Hashpower� menu that will appear when you log in next time in your user interface. We will be able to open this opportunity for you fort he next 3 days!

We are excited about the future and want to thank you for mining with us!

After lot of consideration and research, we are happy to announce that Genesis Mining will bear the transfer cost and we are happy to announce that all our current customers who had purchased scrypt mining contracts will now have an option to transfer their current power to SHA mining contracts. This means the customers will be able to convert 1 MH/s of scrypt to 1 GH/s of SHA mining power.

Okay so I lol at the 1:1 conversion from scrypt to SHA256 and how are they going to just simply convert all scrypt power to SHA256? Perhaps they have a rabbit-flux-converter? Put your scrypt hardware in on one and end a SHA256 miner comes out on the other end?

Were they ever able to show that they were, indeed, mining Scrypt to begin with? With SHA-256 being so much more profitable than Scrypt these last few months, it would have been simpler to mine SHA-256, and pay out as if they were mining Scrypt. They certainly wouldn’t be the first to do so, and it would make the conversion from Scrypt to SHA-256 quite simple.

Wouldn’t surprise me if that was the case or if only “some” of their hardware was actual Scrypt. But even then they would have needed like 20-30 GH (min) to cover 1 MH. The 1:1 conversion “offer” is hilarious unless it’s a typo and they meant 10 GH but even then. Like you said, they wouldn’t be the first.

well, I still have 30 MH/s of scrypt with them. I used to mine Potcoin there and it was all sweet up until December or so. Looks like the fat lady is getting ready to sing now, so I am probably going to take up their offer. Better to have 30 GH/s of SHA than 0 payouts…

Yepp, me. But honestly before I bother with 30 GH of SHA-256 I rather not log on any more. You’ll have to mine until the end of eternity before meeting the minimum withdraw limit. Or, deposit to cash out lol.